It is shown that the large-N approach yields two energy scales for the Kond
o lattice model. The single-impurity Kondo temperature, T-K, signals the on
set of local singlet formation, while Fermi-liquid coherence sets in only b
elow a lower scale, T*. At low conduction electron density n(c) ("exhaustio
n" limit), the ratio T*/T-K is much smaller than unity, and is shown to dep
end only on n(c) and not on the Kondo coupling. The physical meaning of the
se two scales is demonstrated by computing several quantities as a function
of n(c) and temperature.